Clearing legal pathways for investment advisers  that compete in the  U.S. and globally

Dechert lawyers are recognized as innovators and thought leaders in the legal and regulatory matters that affect investment advisers in the U.S. and globally. Team members add exceptional value to client matters, often drawing on previous experience in senior regulatory posts and in-house positions, and tapping into the knowledge base of one of the legal industry’s largest and highest-ranked financial services practices.

Our firm represents the full spectrum of investment firms, from small boutiques and family offices to the world’s largest financial institutions. We guide our clients through the business lifecycle, advising on all aspects of organization, registration, and regulatory compliance matters in the U.S. and all major financial centers around the world.

We have extensive experience helping clients develop novel fund structures, separately managed accounts, wrap fee and model portfolio programs, structured products, and all types of funds. Global clients regularly count on us to deal with both home-country issues and cross-border matters, drawing on our global expertise to provide harmonized and consistent advice to clients that operate under multiple regulatory regimes.

We pride ourselves on bringing clarity to the most complex regulatory challenges and helping our clients exploit developing market opportunities. We advise on state, federal and international licensing and registration requirements, fundraising and marketing regulations, and addressing our clients’ key compliance risks. We also have a long history of helping clients obtain interpretive, no-action, and exemptive relief, and guiding clients through regulatory examinations and government enforcement investigations.

Our services include:

  • Advising on the formation, structuring, financing arrangements and tax considerations of funds across numerous jurisdictions
  • Marketing and disclosure practices to support home country and international distribution
  • Regulatory issues in strategic transactions, including joint ventures, M&A, exit strategies and succession matters
  • Wrap fee, model delivery, and institutional investment advisory contracts
  • Portfolio trading support, including prime brokerage, derivatives trading, and soft dollar arrangements
  • Structuring and operational integration of diversified financial institutions to facilitate efficient cross-border business practices
  • Developing and helping clients implement appropriate compliance policies and procedures
  • Helping clients manage regulatory examinations and respond to regulators’ findings

  • SEC enforcement investigations and actions often grow out of examinations conducted by the SEC’s Division of Examinations (EXAMS). There is close collaboration and coordination between the SEC’s Enforcement Division and EXAMS, particularly among the Enforcement Division’s Asset Management Unit, EXAMS’s Investment Adviser/Investment Company Group, and the SEC’s Division of Investment Management.

    SEC-regulated entities consistently turn to Dechert to help navigate the examination process and to provide strategic guidance from beginning to end. Just as SEC examiners will draw on the expertise of other SEC Divisions across the Commission, Dechert draws on the legal, regulatory, and enforcement expertise that exists across its industry-leading practice groups to advise clients during the exam process. Dechert has a proven track record of heading off enforcement referrals and investigations arising from examinations by adeptly addressing and responding to exam findings and deficiencies.

    Our team tracks and responds to the latest developments and EXAMS priorities, which often parallel the SEC’s other regulatory initiatives. Recent examinations have focused on a variety of issues, including fiduciary obligations, compliance programs, marketing practices, custody, compensation arrangements, asset valuation, protection of client information, due diligence practices, management of conflicts of interest, and reporting obligations. We have a long history of success in guiding investment advisers, registered investment companies, and broker-dealers throughout the process.